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Saudi Arabia, the world’s second-largest oil producer, has been keen to become a global player in international sports in recent years. Gulf countries have spent billions of dollars on high-profile deals for a makeover that include reducing their heavy dependence on oil.
Since 2017, Saudi Arabia has invested tens of billions of dollars in sports across three main areas: event hosting, asset ownership, and sponsorship. This strategy is rapidly being rolled out across nearly every major global sport, not just esports and professional wrestling.
MBS regarding sports laundry allegations
MBS is investing heavily in sports and hopes that events like the World Cup will energize young people. The man who helped organize the 2034 FIFA World Cup once spent $500 million on a yacht party for his friends. Saudi Arabia’s crown prince gave a Rolls Royce to his country’s team that defeated Argentina at the Qatar World Cup. He reportedly bought a French castle in Versailles worth $300 million with his agent. He spent $450.3 million to acquire Leonardo da Vinci’s Salvator Mundi. Also read: Will Willow, Google’s quantum computing chip, put Bitcoin at risk? Here’s what you need to know. He speaks like a businessman fired up with leaping ambitions, just as he did when questioned about the “sports laundry” allegations. The Gulf kingdom has been accused of investing in sports and using high-profile events to boost its international reputation.
“If sportswashing increases GDP by 1%, then we will continue sportswashing,” bin Salman said.
“Externally, I’m not concerned about (terminology),” he told Fox News. “Gross domestic product (GDP) growth from sports is 1%, and we’re aiming for 1.5%.” . It is 1.5%. ”
Saudi Arabia’s de facto ruler went on to explain Saudi Arabia’s huge investment in sports over the past eight years, estimated at around $51 billion. “When you want to diversify your economy, you have to work on all sectors: mining, infrastructure, manufacturing, transport, logistics. Part of that is tourism, and if you want to develop tourism, one of them is The department is the culture and is part of it.”The sports department because we need to create a calendar. ”
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Saudi Arabia as a global sports hub
Saudi Arabia’s questionable record on human rights and women’s freedoms has often drawn harsh attacks from international human rights groups, but it is now trying to project itself as a moderate Islamic power and a global sporting capital. are. The biggest reason why this country is so wasteful is because it is blindingly rich. It’s sitting in a $925 billion treasure chest. Sandip G writes that we spend money because we know that the resources at our disposal – oil, minerals, natural gas – are not indestructible.
In April 2016, Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud (MBS to friends) launched Vision 2030. The project aims to confirm Saudi Arabia as the center of the Arab world and transform it into a global power for decades and centuries. come.
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Saudi Arabia is already one of the most powerful countries in the world, and at its heart is a determination to double its wealth. PIF is not the only area of funding. A new company, SRJ Sporting Investments, has been established to “invest in the acquisition and creation of new sporting events in Saudi Arabia.”
How MBS fueled Saudi Arabia’s sporting success
MBS had no interest in soccer or other sports. Ben Hubbard writes in MBS: The Rise to Power of Mohammed bin Salman that his father, Salman bin Abdulaziz, one of the 36 challengers to the throne at the time, was not as wealthy as he thought, and He wrote that he suddenly became serious when he learned that he owned a million dollar fortune. Determined to make money, he sold gold coins and luxury watches that he had received as gifts from relatives.
When he was 16 years old, he invested in stocks and made a profit of nearly $100,000. He informed his father of his desire to open a garbage collection business. He jumped into the real estate industry, where stories abound about his ruthlessness.
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His influence increased even more when his father became king in 2015, including when he ordered a bombing raid in war-torn Yemen within days of becoming defense minister. MBS was Salman’s favorite son not only because he saw leadership qualities in Salman, but also because he distanced himself from the influence of Western culture. In Mr. Hubbard’s words, “He will do whatever it takes to make Saudi Arabia great again, on his terms.”
Sport is just one of the tenets of Vision 2030, an ambitious plan to move away from oil dependence and rebuild the kingdom through social reform and economic diversification. Sports and soccer were just ancillary means to his ultimate dream of making Saudi Arabia great again. The sporting success of the recently announced 2034 hosts is driven not by a love of sport, but by a dizzying aim to make Saudi Arabia richer.
